Mon, 03/30/2020 – 14:45
Vladislav SopovBitcoin price decline is nowhere near its end and many investors believe now is the best time to buy the bleeding asset. Some traders claim that buyers should hurry up
Cover image via stock.adobe.com
Seasoned trader and analyst Dave The Wave has a long-term price prediction theory that covers the ‘buy zones’ that exist within every Bitcoin (BTC) price cycle.
Dave The Wave demonstrated the ascending channel, which the Bitcoin (BTC) price chart relatively rarely stays within. According to him, a so-called ‘buy zone’ is typically followed by very rapid price growth.
Last time, Bitcoin (BTC) stayed in this zone for 162 days. This journey occurred between November, 2018 and May, 2019, and, therefore, included the two-year low of the last days of December, 2018.
The trader highlighted that due to macro-scale market trends, the current price is outside the previous buy zone as it
Takes a few years for price to reach ‘escape velocity’ on a longer cycle.
Bitcoin (BTC) left the previous ‘buy’ waters at the $5,500 price level, which is not so far from that of today. And it was on Black Thursday, when Bitcoin (BTC) entered the ongoing ‘buy zone’.
Will halving come in ‘buy zone’?
If this market cycle looks similar to the previous one, we have only about three months to buy in this attractive zone. To some extent, it is in line with the bullish pre-halving narrative. Its advocates believe that the third Bitcoin (BTC) halving will make the price of the crypto king skyrocket.
One of them, trader and analyst Plan B, author of the Stock-to-Flow Bitcoin (BTC) price model, has remembered once again that Bitcoin (BTC) scarcity will become close to that of Gold right after its 2020 halving event.
About the author
Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)